Kea Jones
Facilities Advisors was formed to provide for the complete facilities maintenance management needs of common interest realty associations and other organizations.
There are certainly many advantages to owning a condominium as opposed to a private home. You do not have to fix a leaking roof, hire a plumber or an electrician, or even skim through dozens of books to learn how to do it yourself to save costs of hiring a help.
Before discussing why is a ‘reserve capital’ not shown in the balance sheet of a company, it is customary to understand what the term stands for, and also take a look at its look-alike, ‘capital reserve.’
Reserve studies play an important role in budget planning. It is with the help of these studies that entities can have adequate reserve funds
Many of the states in the USA do not require HOA to have an annual reserve study if there are on 10 or lesser units in the association
A majority of population lives in community associations like condominiums, homeowner associations, subdivisions, co-operatives and other associations. One of the biggest parts of these associations is the funding of reserves, which are for painting, roofing, paving and more. Reserves often account for around 15 to 40% of the association’s yearly budget, they have to be studied or analyzed.
The increasing number of capital reserve study providers is growing at par with the expanding demand for capital reserve studies. This upsurge in service providers and no specific guidelines to define a professional Capital Reserve study are two of the reasons that are making it difficult for associations to choose a company for capital reserve studies. To make things easier, we’ve compiled a list of some important points that you should remember while selecting a company for reserve study.
It is with the help of a reserve study that the cost of replacing and repairing major common area components of an HOA can be predicted. However, as a member of an HOA, it is very important for you to understand some important guidelines for reserve analysis to understand the reserve study in a better way. This post will talk about some of those important guidelines.
Through effective reserve Fund Study, a competent project management panel can correctly identify essential components and their interrelationships in a project management plan. Consequently, you can flawlessly establish funds, estimate costs, schedule project durations and budget for reserves for the project. Moreover, this analytical technique will enable you to effectively solve the project’s budget constraints and plan for other contingencies.
